HYDERABAD: The economic slowdown in the country will have an impact on the upcoming State Budget too. “Because of the economic slowdown, there was a shortfall in the revenues of various other States. It is having an adverse impact on all sectors across the country. Against this backdrop, estimates for the full Budget should be prepared based on realistic figures and factors,” Chief Minister Chandrasekhar Rao told officials during a review meeting on Monday.
The full Budget is likely to be presented in the State Legislative Assembly in the second week of the September. The State government presented a vote on account in March this year, as the Union government did not present its full Budget then.
During the review meeting at Pragathi Bhavan on Monday, the chief minister told the officials to keep in mind the overall economic slowdown in the country while preparing their estimates for the Budget.
“There is a severe economic slowdown in the country. It has impacted all sectors. Revenues are falling. The revenues of the States too have decreased. Against this backdrop, identify the needs and the estimated revenues of the State and prepare the Budget based on the actual situation. It should be realistic,” the chief minister exhorted the officials.
State Planning Board vice-chairman B Vinod Kumar, State government Chief Advisor Rajiv Sharma, Principal Secretary (Finance) K Ramakrishna Rao and other officials were present at the meeting. The Budget is likely to be presented after the immersion of Ganesh idols in the state.
‘Welfare and agri must be priority’
The CM told officials that welfare and agriculture would be the govt’s top priorities. “While according to priority to welfare and agriculture, the other sectors should be allocated required funds,” he said. Once the Budget is prepared, it will be introduced in the Assembly after being approved by the state Cabinet